Petropavlosk Shares Tumble on $235 Million Share Sale
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Petropavlovsk Plc, Russia’s third-biggest gold producer, agreed with most of its investors to a rescue package that includes selling $335 million of shares and bonds to cut debt. The stock fell the most on record.
The shares will be sold at 5 pence apiece to raise $235 million, and will be partly underwritten by Chairman Peter Hambro and Chief Executive Officer Pavel Maslovskiy, who will together contribute as much as $30 million, according to a statement from the London-based company.